Strong sell-off action of the cryptomarket took place yesterday, leading the value of bitcoin to decline beneath the 3,600 USD level, thereby possibly finishing off the corrective surge the cryptomarket has been promoting since Dec 17.
Before the BTC dropped under the 3,600 USD level, Alex Kruger, a cryptotrader and a world market specialist, stated that a possible drop under 3,600 USD might cause Bitcoin to drop to a low range in the ballpark of 3,000-3,500 USD.
Another renowned cryptotrader, The Crypto Dog, conferred with Kruger’s position, pointing that the new lows for BTC are approaching and that financiers do not have to be surprised to witness the decline of Bitcoin becoming stronger in the near-term.
Over the past two days, the digital currency market recorded more than 16 billion USD worth of losses as the daily trading volume of the digital currencies spiked from 15 to 23 billion dollars, mainly because of the rising sell volumes and sell pressure on low liquidity assets.
Digital currencies with small market capitalization and low volumes have generally registered significantly larger declines than BTC and ETH in the course of the previous seven days.
ADA, STRAT, ICX, and BCH have all displayed the some of the worst performance, with ADA registering a 19% loss versus the USD.
Whereas ADA and BCH have more or less large daily volumes in the ballpark of 80 to 350 million USD, the currencies are presently displaying a volume of less than 10 million dollars on average, which levase them exposed to sell-off action in the near-term.